As a result of record low interest rates, the question on many of our clients’ minds of late has been, “Is now a good time to buy in Perth?”. No matter what the market indicates, the answer to this question is always – it depends on your unique circumstance. Here is some helpful research regarding the property market in Australia that can assist you in making a decision, some of which answers the questions; “How do Perth property prices compare to those on the east coast?” and “Is Perth currently a peak, declining, bottom of or rising market?”.
Is Perth currently a peak, declining, bottom of or rising market?
According to Herron Todd White’s April 2020 Residential review for houses, Perth is currently sitting at the ‘Bottom of Market’ meaning that the next phase in the cycle is the ‘Start of Recovery’, ‘Rising Market’, ‘Approaching Peak of Market’ then ‘Peak of Market’. In contrast, for units, Perth is a ‘Declining Market’.
Reference: Herron Todd White Residential, month in review, April 2020
How do Perth property prices compare to the east coast?
According to Domain’s House Price Report for the December 2019 quarter, the average house and unit prices in Australia’s capital cities were as follows;
|Capital City||Average House Price||Average Unit Price|
We recommend you speak to your broker to further explore the opportunities available for your unique circumstance in the ever-changing market today.The report also suggests that Perth is still recovering from the post-mining boom downturn however house prices rebounded in back-to-back quarters for the latter half of 2019 and that this upward trend is likely to continue in 2020 and beyond. A contributing factor is the State Government’s stimulus initiatives such as the new housing investment package and first-home buyer assistance such as the First Home Loan Deposit Scheme.
We hope this information has given you some helpful insights to assist your decision-making process when it comes to making your next property purchase. We recommend you speak to your broker to further explore the opportunities available for your unique circumstance in the ever-changing market today.
Launch Finance is based in Western Australia and services clients nationally. Our offices are located in Perth and Mandurah, contact us on (08) 9367 4222 or [email protected] and we will put you in touch with one of our expert brokers in your area. If you are a current Launch client, we recommend you call your broker directly on their mobile, the most up to date details for our team can be found here.